Northwest Bancshares, Inc., (NasdaqGS: NWBI) announced net income for the quarter ended Sept. 30 of $38.1 million, or $0.30 per diluted share. This represents an increase of $4.6 million, or 13.9%, compared with the same quarter last year when net income was $33.4 million, or $0.31 per diluted share. The annualized returns on average shareholders’ equity and average assets for the quarter ended Sept. 30 were 9.82% and 1.09% compared with 9.90% and 1.25% for the same quarter last year. As noted in the non-GAAP reconciliation, when adjusting for COVID-related provision expense and branch optimization related costs, non-GAAP net income was approximately $40.1 million, or $0.32 per diluted share, which would represent an increase over the same quarter in the prior year of $6.7 million, or 20.0%, and result in a return on average shareholders’ equity of 10.36% and a return on average assets of 1.15%.
The company also announced its board of directors declared a quarterly cash dividend of $0.19 per share payable Nov. 16 to shareholders of record as of Nov. 5. This is the 104th consecutive quarter in which the company has paid a cash dividend. Based on the market value of the company’s common stock as of Sept. 30, this represents an annualized dividend yield of about 8.26%.
In northeast Indiana, Northwest Bank is located in the following communities: Fort Wayne, North Webster, Warsaw, Syracuse, Goshen and Elkhart.
Financial advice for women
A new webinar will address several of the unique financial questions that women encounter. Presented by Northwest Indiana Influential Women’s Association (NWIIWA), the new “Five Money Questions for Women” presentation will take place online from 11:30 a.m.-12:30 p.m. CST on Nov. 11.
Details will be presented by Gina Ribota, a financial advisor with Edward Jones. Ribota has over 20 years in the banking industry before moving to the investment world. She is passionate about educating and empowering others from new investors to business owners and to those living in retirement. Ribota believes possessing a trustworthy and transparent relationship with a financial advisor is key.
The presentation will include:
• Financial facts that affect women
• Financial steps to take to connect to your financial goals
• The Rule of 72
• Systematic investing
• Retirement plans
• The biggest financial mistake
Go to https://register.gotowebinar.com/register/7838753056193621771 to register.